Oikocredit
Oikocredit (in full Oikocredit, Ecumenical Development Cooperative Society U.A.[1]) is a cooperative society that offers loans or investment capital for microfinance institutions, cooperatives and small and medium-sized enterprises in developing countries. It is one of the world's largest private financiers of the microfinance sector. The idea of Oikocredit came from a 1968 meeting of the World Council of Churches. Following this, Oikocredit was established in 1975.[2].
On 25 March 2010, Oikocredit announced that it had reached € 1 billion in cumulative committed loans and investments since the organisation began its operations. In 2009, a year when financial institutions encountered difficult market conditions, Oikocredit achieved record high inflows. Oikocredit's capital inflow reached € 62.9 million and its total assets grew by 13% to € 537 million at the year end.[3]
Etymology
"Oiko" is derived from the Greek word oikos, which means "the house, the place where the people live together".
The word "credit" does not only refer to financial credit, but also to the Latin verb, credere, "to believe".
References
- ^ Prospectus of Oikocredit, 19 June 2009; Cooperative Society U.A. Dutch: coöperatie met uitsluiting van aansprakelijkheid = co-operative society with excluded liability
- ^ Churches Together in England Description of Oikocredit. Retrieved March 20, 2010
- ^ Press Release on € 1 billion cumulative investments with social impact
External links
- Oikocredit: official website
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